Soybean futures are down 1 to 2 ¼ cents as of Tuesday, with the cmdtyView national average cash bean price at $9.34 ¼, which marks a 2 ¼ cent decline. Soymeal futures have dropped by 10 cents, while soy oil futures are down by 50 to 53 points amidst rising crude oil prices. Additionally, 252 contracts for August meal and 76 for August bean oil were issued overnight.
June soybean exports reached 1.501 million metric tons (MMT), representing a 12.07% increase from last year, but a 5.93% decrease from May. Soybean meal exports set a record at 1.34 MMT, although this is a 2.71% drop from May. Meanwhile, bean oil exports fell to 42,458 MT, an 8-month low, down 18.84% from June 2024. Crop Progress data reported that as of Sunday, 85% of the U.S. soybean crop is blooming and 58% is setting pods, with conditions rated at 69% good/excellent.
As of the latest updates, August 25 soybeans are priced at $9.69 ½, nearby cash at $9.35 ¼, September 25 soybeans at $9.73, and November 25 soybeans at $9.92 ¾.
